Twitter's new CFO is getting $15 million in stock
Twitter has announced that it's hired a new CFO. Ned Segal is joining the company from Intuit, where he was senior vice president of finance.
Twitter has a new CFO: @nedsegal! Welcome to the flock
— jack (@jack) July 11, 2017
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He also has investment banking experience, having spent 16 years at Goldman Sachs. This could come in handy if Twitter decides to sell themselves. (Just saying!)
Anthony Noto, who joined Twitter as CFO in 2014 (also from Goldman), was promoted to COO last November after Adam Bain's departure. He has been handling both roles in the interim.
The CFO role is critical for Twitter, as the social media company tries to convince investors that it has growing value. Although shares are up about 30 percent in the past three months, at $18.64 they are only a fraction of the $69 high the company saw in early 2014. The company's market cap is currently less than $14 billion.
Twitter is betting big that Segal is the man for the job. According to a filing, his annual salary will be $500,000 and he'll receive a $300,000 signing bonus if he agrees to stay for at least a year. Oh, and he's getting about 794,000 shares, which are presently worth close to $15 million. He also may get 372,000 more if Twitter reaches unspecified performance targets.
Twitter, which is also focused on user growth, is not yet profitable.
Segal, who had previously tweeted just 19 times, shared the news on the social media platform.
Believe @Twitter has an important mission and tremendous potential; can’t wait to work w/ @jack and the awesome leadership team!
— Ned Segal (@nedsegal) July 11, 2017
